The price is under the Resistance level and can show us a pullback but the global trend is bullish.
I don't recommend to open sell, it's better to wait and look for buy entry.
Potential profit will be 3 times bigger than the risk.
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In the short term, GBPJPY looks like it will reach 139.60 area. After reaching that level, there might be some pullback or a short term reversal.
Right now, the price action still supports the buyers. If you look at the 15minute chart, you can see that Friday's end of NY Session bearish move is a temporary pullback.
So, it is quite likely that GBJPY will reach...
GBPJPY is Forming the bearish pattern at the top after giving a good upside movement. Descending the Triangle pattern indicates that we might see a downside in GBPJPY towards the support level, as shown in the chart. According to chart pattern analysis, one can initiate a short trade at the resistance line of the descending triangle pattern with proper risk...
Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
On GJ we got two/three possibilities:
#1 Price is not respecting the daily Supply Zone and it is going to push higher
#2 and #3 Price is going to respect the daily Supply Zone and will make a good direction till one of the two h4 Demand Zones.
Please monitorize Price Action in the orange area before you are going to make any trading decision.
The following analysis is based on a 4 Hour and 1 hour Multiple Time Graph Analysis:
As you can see GBP/JPY has reached an Important resistance area, and has created a double top formation on the 4 hour chart and the RSI.
It should be a great short opportunity if it breaks the candle formation and goes under the 138.2 level - heading towards its 1st support area...
Overall, GBP/JPY is trending upwards. Recently, GBP/JPY trended higher, breaking above the key level of 138 and bounced off from the resistance zone of 139.000.
The Japanese Preliminary GDP q/q data (Actual: -0.6%, Forecast: NA, Previous: -0.6% revised from -0.9%) released earlier today indicated negative economic growth in Japan during the second quarter of...
GBPJPY has been seen a very strong bullish movement recently, and is now showing signs of exhaustion. Price appears to be rejecting a channel trendline, presenting an opportunity for bears to go short on the pair. Bears should wait for more bearish pressure to go short.
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